Good day forex traders.
Welcome to our weekly review of the EUR/USD. Hope things are off to a good start. Do be mindful of the importance of proper money management.
We note that the resistance of 1.2 was tested and this suggests that the bullish momentum that brought the EUR/USD up from the sub 1.1 region may not be over yet.
Over in the US, Non Farm Payroll was weaker then expected. We may be seeing the US economy flattening as a breather from the post 2008 progress. This will be even more likely if we continue to see slower numbers from the next few US Non Farm Payroll. BBC reports ”
The US economy added 156,000 jobs in August, less than the previous month and below expectations.
Analysts had expected US non-farm payrolls to rise by between 175,000 and 185,000 last month.
Data released by the US Department of Labor also showed that employment growth in June and July was lower than originally estimated.
The department also announced that the jobless rate had ticked up to 4.4% from 4.3% in July.
Previous data had put the number of jobs created in July at 209,000, but that has now been revised down to 189,000. June’s reading of 231,000 jobs has also been cut to 210,000. ”
While the revisions normally do not receive as much attention as the initial release, it is important to be kept aware. Both June and July were revised downwards, further adding to the notion that the US growth engine may be flattening.
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